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Real Facts, and Beer

Lots of Washington, D.C., “pundits” and some association executives are sending out messages and summaries opining on the Dodd/Frank Wall Street Reform and Consumer Protection Act signed by the president last week. Each of these opinions is written more like an op-ed expressing each author’s point of view and particular biases. This blizzard of opinions is the ultimate “spin zone” (O’Reilly is going crazy).

Those messages and summaries that express dark, foreboding predictions of ultimate doom typically are written by those who lobbied on behalf of certain financial services constituencies that did not do so well in the bill. Therefore, someone or something must be blamed (rule one in Washington is that it is never the advocate’s fault). Those messages that express a brighter view are typically issued by those who lobbied on behalf of constituencies that did better than expected in the bill. And so the beat goes on. Is there a “no spin zone” for this bill? Eventually, when the raw emotion and posturing subsides, there will be; and then just plain old boring facts will come out—both good and bad.

In the meantime, I tend to endorse old honest Abe, our 16th president, who made what is to me the ultimate no-spin-zone statement.

“I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts, and beer. ”
A. Lincoln

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5 thoughts on “Real Facts, and Beer”

Cam is right on, the spin goes on, and with it the confusion that it creates as bankers all across the country attempt to put their strategic plan in place, and budget for next year. How on earth will that be done with any sense of accuracy? The honest truth is that it can’t, and the “spin” just adds to the confusion.

The worst part is that good meaning people are just plain misled, or so upset that there was any bill at all, that they say,or print, things that just are not factual. Until the regulators write the rules, the clear path to planning will not be known.

My advise is to trust yourselves, you can remember all of the changes that took place from 1980 to 1999, seven major pieces of legislation were passed, that’s right seven. And at each one, we all groaned and wondered how were could possibly comply with all the changes, but we did. And we will this time.

Fact is, the ones who should be worried, are the unregulated who have never had to follow any rules, and now must comply with ours! Not to mention that credit unions are now under the bank compliance regulations as well. It’s about time.

So we all need to just strap on the seat belt once again, and put our heads down and work hard. We will get through this, and when the smoke clears, we will do better than ever, and once again America can be viewed as taking care of those (Wall Street firms, and the unregulated), who would do it harm.

When GLBA was pased, it dramatically impacted IT costs and a new breed of vendor rose up to tackle these challenges. Using shared sourcing of expensive resources and technology, these new vendors were able to drive down the cost of GLBA compliance by 70% or more of what was anticipated.

We have to imagine that there is a possible solution for this overwhelming compliance challenge and thus, a real alternative to the morbid mantra of “merge or die” that has been bandied about in the press of late.

Big guys will hurt us and only us. But we will not give up without a fight. Fnm/Fre preferred restoration would give us much needed financial power that we would need to fight the big banks. Cam, we can really use and would really appreciate you battling for us on the fnm/fre front. Leave the rest of the battle for us.

Great stuff Cam. You are right at the end of the day the big picture is that we all have to tighten our boot straps and continue on the journey. The trick is how do we make the most of the situation we are in.

I love the Abe Lincoln quote. “Real facts, and beer.” would win me over any day.